Crossbay Acquires 325,000 Sq Ft Across Birmingham and Lutterworth in Triple UK Logistics Deal

Crossbay, the urban logistics strategy of pan-European real estate investment manager MARK Capital Management, has acquired three UK warehouse assets totaling 325,000 sq ft across Birmingham and Lutterworth, pushing the firm's total UK footprint beyond 1.75 million sq ft.

The transaction, announced in September 2026, encompasses two single-let assets in Birmingham's West Midlands submarkets and a distribution centre in Lutterworth within the East Midlands. All three properties were acquired from charitable organisations. SBYRE advised Crossbay on the Magna Park, Lutterworth acquisition.

Three Assets, Two Midlands Markets

The Birmingham component of the deal comprises two assets totaling 140,000 sq ft. The first is Apex II at Waterside Park, Golds Hill Way, Tipton — an 85,000 sq ft urban logistics facility fully let to A.F. Blakemore & Son Limited, a major Spar wholesaler and convenience retail operator. The property sits between the M6 and M5 motorways, positioning it as a last-mile distribution node serving Birmingham and the wider West Midlands conurbation. Crossbay intends to implement a targeted capital expenditure programme to deliver Grade A, ESG-focused upgrades and capture underlying rental reversion at the site. Apex Real Estate Advisors LLP advised Crossbay on this acquisition; MK2 Real Estate Ltd advised the vendor.

The second Birmingham asset is a unit at Coombswood Business Park on Coombswood Way and Steel Park Road in Halesowen, comprising approximately 55,765 sq ft. The facility has been let to Toolbank — a wholesale tools distributor — since construction, and carries a full repairing and insuring lease. Crossbay noted the low-density site offers immediate access to rental reversion within 12 months, signalling a near-term lease event. Avison Young advised Crossbay on the Halesowen acquisition; Aspect Real Estate advised the vendor.

The third and largest asset is Unit 3320 at Magna Park in Lutterworth, a 185,000 sq ft distribution centre situated within what the industry refers to as the UK's Logistics Golden Triangle. The facility is fully let to VWR International Ltd, which has operated its primary UK distribution centre at the location for more than 30 years. Stonehill Partners advised the vendor on the Magna Park transaction.

Reversionary Upside and ESG Upgrades Drive Strategy

Crossbay's business plan across the portfolio reflects a value-add approach centred on rental reversion and sustainability-led capital improvements. At Apex II in Tipton, the firm plans Grade A upgrades designed to close the gap between passing rents and estimated rental values. At Coombswood Business Park, the proximity of a lease event within 12 months provides a near-term opportunity to reset rents to market levels. The Magna Park asset, anchored by VWR International's long-standing occupancy, offers stabilised income from an established tenant covenant.

Rodney Hunt, Vice President at Crossbay, said: "These acquisitions underscore our continued conviction in core UK regional logistics hub assets with strong fundamentals and clear reversionary upside. Broader repricing across the market has maintained an attractive entry point, following the highs of the pandemic-era boom."

Devan du Plooy, Managing Director at MARK Capital Management, added: "Our deep origination network, growing dedicated Crossbay team, and full lifecycle capabilities, together mean we can continue to deliver value for our LPs, who increasingly seek access to the urban logistics segment thanks to its highly defensive profile."

UK Portfolio Surpasses 1.75 Million Sq Ft

The three acquisitions extend Crossbay's UK presence to more than 1.75 million sq ft. The milestone follows what the firm described as one of West Yorkshire's largest industrial letting deals of 2025, reflecting sustained leasing momentum alongside its acquisition activity.

Beyond the UK, Crossbay invests across Germany, France, Italy, Spain, and the Benelux region as part of MARK Capital Management's broader pan-European urban logistics strategy.

Advisory Teams

On the buyer side, Crossbay was advised by Apex Real Estate Advisors LLP on the Tipton acquisition, Avison Young on the Halesowen acquisition, and SBYRE on the Magna Park, Lutterworth acquisition. Vendors were advised by MK2 Real Estate Ltd on Apex II, Aspect Real Estate on Coombswood Business Park, and Stonehill Partners on Magna Park.

Sources: Crossbay press release, September 2026